Streamlining Credit With Order To Cash Software: A Step-By-Step Guide For The C-Suite
CREDIT MANAGEMENT SOFTWARE
The order-to-cash process is cornerstone of any business. Keeping track of customer purchases, payments and debts is no minor task, and an efficient credit management system can drastically reduce the workload. Credit management software is specialized application that handles the order-to-cash process, thereby freeing up executives in the accounting and finance departments to focus on tasks more critical to the success of the company.
When evaluating order-to-cash solutions, the credit management capabilities should be the main focus. An effective credit management system should provide executives and financiers with visibility into the entire process, and streamline that process while simultaneously ensuring degree of safety. When weighing options, the following steps should be taken to ensure that the credit management software meets all needed requirements.
Step 1: Assessing Current Processes: Before even beginning to consider order-to-cash solutions and credit management software, executives should evaluate how their current system is operating and document what is or isn?t working. This helps to identify areas for improvement and streamlining.
Step 2: Checking Existing App Integrations: Existing applications can be powerful tools for the order-to-cash process, and it is important for executives to assess which existing apps can be integrated and how each specific integration could improve the process.
Step 3: Assessing Security Standards: Security is always major concern when considering software solutions, and credit management software is no exception. Executives should check out the security protocols that the software offers to ensure that customer information and payment details stay secure.
Step 4: Preparing Technological Infrastructure: Moving to different system of managing credit is major change, and it is important to check that the needed technological infrastructure is in place before moving forward with any selection. This is an exacting process, and it may be good idea to outsource this assessment to specialty IT consultant.
Step 5: Researching Software Alternatives: Executives should compile list of suitable software options with the specifications that best fit the companies needs. Once several options have been identified, it is important to research and understand the features of each, to determine which one is best.
Step 6: Trial and Demo Testing: Before being fully committed, it is always good idea to test any software or solution with trial and demonstration. This will help to assess the software and its capabilities so that executives can make the best decision for their company.
Credit management software provides powerful set of tools for streamlining the order-to-cash process, from providing visibility over customer orders and invoicing to improving collections and payments. With these six steps, executives can make sure that they select the software that best meets the needs of the company.
